The Australian Securities and Investments Commission (ASIC) has issued a blunt warning to accountants that they need to get their licensing house in order by 1 July if they want to continue providing financial product advice on self-managed superannuation funds (SMSFs).
The regulator has issued a statement declaring that it is writing to accountant applicants for a limited Australian Financial Services License who have applied since 1 March, this year, advising them to make contingency arrangements in the event they do not receive approval by 30 June.
The ASIC statement said that in cases where the regulator had received an application but had not granted a licence by then, the “applicant would not be able to provide SMSF-related financial advice and dealing services”.
“They will not be able to give such advice until they are granted a licence or they become an authorised representative of a licensee,” the ASIC statement said.
ASIC senior executive leader, assessment and intelligence, Warren Day said any accounting providing unlicensed financial services would be guilty of a criminal offence.
